Shared Ownerships Solicitors

​We proudly confirm that we are specialists in this area of shared ownership property law. We are recommended as panel solicitors for a number of housing associations in London, Surrey, Kent and Sussex.

Shared_Ownership_Properties

Specialist Shared Ownership

We are often engaged at the beginning of a development and as such have checked the draft documents before you even instruct us, this ensures a smooth purchase for you.

Due to our experience and the volume of shared ownership matters that we deal with, we offer a fixed rate of conveyancing to all clients, irrespective of which housing association you are buying from.

Initial Share

We know the time constraints in dealing with your first shared ownership property. Often contracts need to be exchanged within 28 days and it appears as though a lot of work needs to be undertaken in this time frame. We often work with the Housing Associations closely so that the initial searches and enquiries have been undertaken on a development before you have even instructed us. This ensures that we are able to meet the 28 day deadline for exchange and also ensure that we are acting in your best interests by having checked all of the legalities.

Staircasing

This is the odd phrase used for purchasing extra percentages in your shared ownership lease. For example, it you are purchasing a further 10% or the remaining balance of the property, we are able to assist you in this secondary transaction. If you require further advances from your current lender or if you require a completely new mortgage to buy the additional amounts, then we will deal with this for you. Often the staircasing must be completed within 3 months of a valuation, failing which you need a new valuation or the price could go up. We are therefore able to complete all staircasing matters within the time frame allowed.

Re-Selling

When it comes to selling a shared ownership lease there are certain complexities within the lease, which you need to be thought through, before you can place your property on the open market. The housing association have the first right of refusal, by way of surrendering the lease back to then or they can opt to find you a purchaser for the property. This is of course subject to agreeing a sale at market value for you. If the housing association fail to assist you within an adequate time, then you can place the property on the open market yourself.

You can either sell the actual percentage that you own or 100% of the property. To sell more than you own, we will arrange a simultaneous staircasing, which means that you complete the staircasing and the sale at the same time.

For more information regarding all types of Shared Ownership matters, please call our Specialist, Kelly Cirillo, in our Mitcham office, on 020 8646 4885 or email her at Kelly@p-llp.net.

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